Compound (COMPUSD) Undergoes Second Major Correction
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
COMPUSD Analysis: Price Begins Its Second Major Correction As The Market Becomes Oversold
COMPUSD is experiencing its second major correction as the market becomes oversold. This downtrend occurred after an unsuccessful attempt by the bulls to drive the price above $86.00. The MA Cross indicates that the COMPUSD market is bearish overall, meaning that any upward movement in price is likely to be a bullish retracement.
COMPUSD Significant Zones
Demand Zones: $35.40, $23.20
Supply Zones: $56.70, $79.60
The ongoing motive trend began after the formation of a ‘head and shoulders’ pattern in August 2023. However, before then, the market’s order flow was bullish. In June 2023, the market entered the discount zone, with prices reaching $23.20, defining the demand zone. Subsequently, a bullish rally emerged, erasing previous resistance levels and reaching the $86.00 resistance point. However, overindulgence in the premium zone led to a significant drop in COMPUSD until a swing low formed at the $60.00 psychological level.
Despite an initial uptick, strong selling pressure hindered further gains in the premium zone, resulting in a lower high at $79.60. The third impulse swing, which may be the longest wave, pushed COMPUSD further down due to substantial selling pressure. The RSI confirmed oversold conditions, after which the bulls re-entered the market. There was a period of consolidation before the ongoing rise began.
Market Expectation
Market expectations for COMPUSD are currently focused on the $45.20 swing high as the four-week high on the four-hour chart. A sell-side liquidity sweep occurred as COMPUSD fell sharply into the discount zone after the $45.20 high was established. It is anticipated that the recent uptrend will last until this high is invalidated.
You can purchase Lucky Block here. Buy LBLOCK
Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
